32 OCTOBER 2023 www.starironworks.com 257 Caroline Street Punxsutawney, PA 15767 800-927-0560 • 814-427-2555 Fax: 814-427-5164 SERVING THE CONSTRUCTION INDUSTRY Serving the Drilling Industry Wells Completed in Barnett Shale Formation Adapted from Information by Sage Natural Resources LLC Sage Natural Resources LLC completed its 2022 Barnett drilling program, successfully drilling 30 horizontal wells targeting the Barnett Shale Formation in North Texas. The program totaled 96 miles drilled, with average spud to rig release under 13 days. Eight horizontal wells targeting the Barnett Shale Formation in the wet-gas window were at Sage’s Blanton Lewis Pad located in Wise County, Texas. The Blanton Lewis wells were drilled with an average lateral length of approximately 10,500 feet per well. Six horizontal wells in the dry-gas window were from its Hunters Ridge pad site in Tarrant County, Texas. The Hunter’s Ridge wells were drilled with an average lateral length of approximately 6500 feet per well, and the dry gas is of excellent quality. Due to the significant drop in natural gas commodity price, Sage is suspending its Barnett drilling program. The company will return to its substantial gas inventory when prices rebound relative to the cost of capital services. Sage plans to focus on its Texas oil assets in the Eagle Ford Shale for the balance of 2023, which offers attractive returns and asset diversification. Gavin D. McQueen, president and CEO of Sage stated, “. . . We remain bullish on natural gas over the long haul due to its growing global demand, but we'll save those reserves for a sunnier day. In the interim, we look forward to kickstarting our Eagle Ford oil program. I have full confidence in our team and partners to successfully deploy our know-how and technology to efficiently add oil to our producing asset base. I'd like to thank everyone that has supported our Barnett drilling program to date, especially our service providers who are incredibly talented and the utmost professionals. Few folks can claim they drilled 100 miles in a year with one rig in Texas!” Hunters Ridge pad site. G&O
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